Texas Transportation Code - Section 54.113. Lease Or Sale Of Port Improvements And Facilities
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§ 54.113. LEASE OR SALE OF PORT IMPROVEMENTS AND
FACILITIES. (a) In connection with the issuance of obligations
payable from revenue, a municipality or board may lease, sublease,
or sell to any person, firm, corporation, partnership, political
subdivision of this state, or agency of the United States any port
improvement or facility to be constructed or acquired with the
proceeds of the obligations.
(b) A lease, sublease, or contract of sale may contain any
provision the municipality or board determines advantageous,
including, in the case of a lease, a provision for:
(1) the sale of a port improvement or facility at the
termination of the lease; or
(2) the management and operation of a port improvement
or facility by the lessee.
(c) A lease or contract of sale may provide that the lessee
or purchaser of a port improvement or facility is unconditionally
obligated to make payments for use or purchase of the port
improvement or facility in amounts adequate to timely pay the
principal of and interest and premium on the obligations issued to
finance the construction or acquisition of the port improvement or
facility.
Added by Acts 1999, 76th Leg., ch. 227, § 20, eff. Sept. 1, 1999.
Section: 54.106 54.107 54.108 54.109 54.110 54.111 54.112 54.113 54.114 54.151 54.152 54.153 54.154 54.155 54.156
Last modified: August 10, 2007
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